Beasley Broadcast Group reports higher profits, revenues in second quarter

Naples-based radio operator Beasley Broadcast Group reported higher profits and revenues for the second quarter.

Net income for the quarter grew to $2 million, or 9 cents a share. That was up from profits of $700,000, or 3 cents a share, a year ago.

Meanwhile, net revenues rose 5.6 percent to $24.9 million, up from $23.6 million a year ago. The increase can primarily be attributed to improvements seen at the company's stations in its Las Vegas, Philadelphia and Fort Myers-Naples markets.

The company saw a $1.8 million, or 46.4 percent, improvement in its second quarter operating income, reflecting its efforts to contain costs.

Commenting on the results, George G. Beasley, the company's chairman and CEO, said, "The radio industry and Beasley Broadcast Group are continuing to see a rebound in advertising spending."

"Key Beasley clusters in Philadelphia, Las Vegas, Fort Myers, Augusta and the coastal Carolinas exceeded results from a year ago and operating results also benefited from growth in national revenue, reversing a trend from recent periods," he said.

The company continued to see strong growth from its interactive initiatives online. Revenues from these efforts grew 19 percent in the quarter, when compared to a year ago.

"We intend to remain vigilant with our expense management programs and to further reduce borrowings under our credit facility as well as our leverage ratio," Beasley said. "In this regard, we ended the 2010 second quarter with approximately $147.8 million of borrowings under our credit facility, down from $151.8 million at the end of 2009 and a marked reduction from $174.5 million at December 31, 2008, and we accomplished this despite the enormous challenges presented during this period by the economic recession."

Founded in 1961, Beasley Broadcast Group owns and operates 42 stations in 11 markets in the U.S.